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Tds

Kamal Sharma (Aspiring CA) (101 Points)

23 July 2012

Whether Interest from Fixed Depsit and FD with Banks are liable to TDS at maturity ? If Yes, then what is the limit upto which it is not taxable ?

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8 Replies

Sanket (!..Live to Give..!) (16427 Points)
Replied 23 July 2012

The Maximum limit is 10,000......and yes it is liable under 194A

1 Like

(Guest)

Interest on FD's taxable under other sources and also TDS is applicable on it u/s 194 A ( TDS on Interest other than securities)

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Devendra Singh (Chartered Accountant) (487 Points)
Replied 23 July 2012

TDS is deductible if interest exceeds Rs.10000, whether at the time of maturity or at the time of credit into the FD account...

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CA Manikandan.A.V (FINANCE & ACCOUNTS) (789 Points)
Replied 24 July 2012

you can submit to the bank Form 15g to get exemption if applicable to you.

1 Like

shilpa (asstisstant) (37 Points)
Replied 24 July 2012

hello,

i'm unable to upload ITR 1 due to non availablility of MICR code, pl suggest

CA PRAVEEN SINGH (MANAGER ACCOUNTS) (2277 Points)
Replied 24 July 2012

Originally posted by : Devendra

TDS is deductible if interest exceeds Rs.10000, whether at the time of maturity or at the time of credit into the FD account...

yes agree

Gunjan Tulsyan (Article) (222 Points)
Replied 24 July 2012

The limit as stated above is Rs.10000 and the bank starts deducting interest on its own once the interest amount exceeds Rs.10000 @ 10% u/s !94 A.

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Budding Professional (B.Com, CA & CS FINAL) (1686 Points)
Replied 25 July 2012

u can seek exemption also if u r eligible.. the bank will itself deduct tds if the interest accrues to the extent of the ceiling prescribed u/s 194A..

1 Like